In an effort to help financial sector firms get a better handle on the risks from climate change, the U.K.’s Climate Financial Risk Forum (CFRF) issued an industry guide.

The group comprised of major banks, insurers and asset managers offered practical recommendations for disclosing climate-related financial risks, along with recommendations for scenario analysis and opportunities for innovation.

“The objective of the guide is to help firms understand the risks that arise from climate change, and to provide support on how to integrate these risks into their strategy and decision-making processes,” the group said.

The CFRF, which was jointly established by the U.K.’s Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in 2019, aims to develop best practices among regulators and the industry for dealing with the financial risks from climate change.

The regulators noted that, while Covid-19 represents a current threat, “minimizing the future risks from climate change requires action now” as well.